Comerica Bank Boosts Stock Position in Garrett Motion Inc. (NYSE:GTX)

Comerica Bank raised its stake in Garrett Motion Inc. (NYSE:GTX) by 10,164.6% during the 4th quarter, HoldingsChannel reports. The firm owned 173,779 shares of the company’s stock after acquiring an additional 172,086 shares during the period. Comerica Bank’s holdings in Garrett Motion were worth $1,569,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the stock. Northern Trust Corp grew its position in Garrett Motion by 18.6% in the 4th quarter. Northern Trust Corp now owns 369,976 shares of the company’s stock valued at $3,341,000 after buying an additional 58,045 shares during the last quarter. Quarry LP increased its stake in shares of Garrett Motion by 180.3% during the fourth quarter. Quarry LP now owns 7,755 shares of the company’s stock worth $70,000 after acquiring an additional 4,988 shares during the period. Stifel Financial Corp raised its holdings in Garrett Motion by 21.2% during the fourth quarter. Stifel Financial Corp now owns 79,485 shares of the company’s stock worth $718,000 after purchasing an additional 13,916 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Garrett Motion by 10.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,866,826 shares of the company’s stock valued at $25,886,000 after purchasing an additional 278,107 shares during the period. Finally, First Trust Advisors LP boosted its holdings in Garrett Motion by 105.1% in the 4th quarter. First Trust Advisors LP now owns 226,506 shares of the company’s stock valued at $2,045,000 after purchasing an additional 116,086 shares in the last quarter. Institutional investors and hedge funds own 86.27% of the company’s stock.

Insider Activity

In other news, major shareholder Special Credit Pa Centerbridge sold 349,351 shares of Garrett Motion stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $9.96, for a total transaction of $3,479,535.96. Following the completion of the transaction, the insider now owns 10,098,173 shares of the company’s stock, valued at $100,577,803.08. The trade was a 3.34 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Cyrus Capital Partners, L.P. sold 150,000 shares of the stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $9.00, for a total transaction of $1,350,000.00. Following the completion of the sale, the insider now directly owns 25,434,957 shares in the company, valued at approximately $228,914,613. The trade was a 0.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 3,264,853 shares of company stock worth $30,663,903. Company insiders own 0.83% of the company’s stock.

Garrett Motion Stock Up 2.0 %

NYSE:GTX opened at $11.59 on Friday. The firm’s fifty day simple moving average is $9.10 and its 200-day simple moving average is $8.96. The stock has a market cap of $2.35 billion, a PE ratio of 9.13 and a beta of -0.05. Garrett Motion Inc. has a fifty-two week low of $7.02 and a fifty-two week high of $11.68.

Garrett Motion Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be issued a $0.06 dividend. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.24 dividend on an annualized basis and a yield of 2.07%. Garrett Motion’s dividend payout ratio (DPR) is presently 18.60%.

Wall Street Analyst Weigh In

Separately, BWS Financial raised their price target on Garrett Motion from $12.00 to $14.00 and gave the company a “buy” rating in a report on Friday, May 2nd.

About Garrett Motion

Garrett Motion Inc, together with its subsidiaries, designs, manufactures, and sells turbocharging, air and fluid compression, and high-speed electric motor technologies for original equipment manufacturers and distributors worldwide. The company offers cutting-edge technology for the mobility and industrial space, including light vehicles, commercial vehicles, and industrial applications.